China Is to Seize the US Blockchain Initiative: 15 Countries' Opinion
TechnologyBit News Today2 min read
By the autumn of 2018 Chinese firms were pressing for the lead in blockchain, with Alibaba topping an iPR Daily ranking of patent filings published in September 2018 with 90 applications, one ahead of IBM, while the US regulator was still settling how token sales fit securities law.
The table compares how 15 governments and regulators treated cryptocurrencies, token offerings and blockchain during 2018, from outright ICO bans to dedicated blockchain statutes.
| Country | Authority | Position in 2018 | Key measure and date |
|---|---|---|---|
| China | People's Bank of China and six other regulators | Token sales illegal; banks offer no crypto services; central bank studies its own digital money | ICO ban of 4 Sep 2017; PBOC governor Zhou Xiaochuan restated the line in March 2018 |
| United States | Securities and Exchange Commission | Tokens sold in ICOs can be securities; issuers given a route back to compliance | Staff statement of 16 Nov 2018; AirFox and Paragon settled after raising about $15m and $12m in 2017 |
| Japan | Local Finance Bureaus under the Payment Services Act | Crypto exchanges legal but must be registered | Amended Payment Services Act in force since 1 Apr 2017 |
| South Korea | Government and banks | Trading allowed only through real-name bank accounts; minors and foreigners excluded | Real-name account system from 30 Jan 2018 |
| Russia | Ministry of Finance, State Duma | Draft law on digital financial assets; mining treated as taxable business; ICOs limited to qualified investors | Bill published 20 Jan 2018, introduced in the Duma 20 Mar 2018 |
| India | Reserve Bank of India | Crypto not legal tender; regulated lenders barred from crypto business | RBI circular of 6 Apr 2018 |
| United Kingdom | Bank of England | No crypto-specific law; market judged too small to threaten stability | Governor Mark Carney called for regulating parts of the sector in March 2018 |
| Germany | BaFin | Cryptocurrencies treated as financial instruments; trading platforms need authorisation | ICO guidance published February 2018, case-by-case review |
| France | Government, AMF | Blockchain recognised in law for recording financial instruments | 2016 minibon ordinance; December 2017 ordinance due in force by 1 Jul 2018 |
| Switzerland | FINMA, Canton of Zug | Tokens split into payment, utility and asset classes for ICO review | ICO guidelines in 2018; Zug registry took bitcoin and ether from 2 Nov 2017 |
| Singapore | Monetary Authority of Singapore | Virtual currencies not regulated as such; tokens that are securities fall under MAS | MAS statement of 1 Aug 2017 |
| Malta | Parliament, MFSA, Malta Digital Innovation Authority | Dedicated legal framework for ICOs, exchanges and DLT platforms | VFA Act, ITAS Act and MDIA Act approved in July 2018 |
| Belarus | President of Belarus | Buying, selling, exchanging and mining crypto permitted; tax-free until 2023 | Digital economy decree in force 28 Mar 2018; Hi-Tech Park hosts ICO operators |
| United Arab Emirates | Central Bank of the UAE | Virtual currency transactions barred under payment rules; public warned off | January 2017 stored-value framework; governor warnings in Oct 2017 and Jan 2018 |
| Thailand | Bank of Thailand, Cabinet | Banks told to stay out of crypto while dedicated decrees were drafted | BoT circular 12 Feb 2018; Cabinet approved draft royal decrees 13 Mar 2018 |
Sources: Law Library of Congress, CoinDesk, Regulation Tomorrow, Legal 500.
